Paysafecard PINs Sold Over The Internet Linked To Fraud

Paysafecard PINs sold over the Internet are increasingly being linked to fraud, the Vienna-based company warns.

The electronic payment method billed as "cash for the Internet" uses a pre-paid system and does not require debit or credit cards. The service, which is regulated in the UK by the Financial Services Commission, aims to function like cash instead.

Customers can purchase secure 16-digit PINs, printed on the back of a card or voucher, from one of 350,000 official sales outlets worldwide, and then spend that money at any of 3,500 authorised online shops, many of which are gaming-related.

But there is a growing trend of PINs being sold over the Internet for sums below their actual value, a practice that violates Paysafecard's terms and conditions. The overwhelming majority of these are fraudulent, with users discovering the cards have previously been used or locked only while attempting to redeem them.

The company also warns against a form of virus-based fraud, which paralyses infected computers and demands that users pay a fine or ransom using, among other forms of payment, a Paysafecard PIN to regain access to their devices.